Moody’s reviews Sinopec Engineering

Moody's Investors Service said it placed Sinopec Engineering (Group) Co., Ltd.'s A2 issuer rating on review for downgrade.

The review follows the action on China Petrochemical Corp. (Sinopec Group), the parent company of Sinopec Engineering. Moody's placed Sinopec Group's ratings on review for downgrade on Feb. 17, reflecting its efforts to recalibrate the ratings in Moody's energy portfolio to align with the fundamental shift in the credit conditions of the global energy sector.

As part of this ongoing assessment of the energy markets, the agency drastically lowered its oil price assumptions, in light of the ongoing oversupply situation in the global oil markets, and the fact that demand growth remains tepid.

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